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19-05-2020, 23:36   #226
Marcusm
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Originally Posted by rahmalec View Post
Mortgage approved, gaff picked out, solicitor paid for.
Bank won't release funds because I'm now on the covid payment.
What a fcking balls!
the lenders will be over cautious becaause they have had ot pay out so much in compensation for past errors on compliance and conduct. If they ignored the change in your financial circumstances, they will worry that they get punished in the future if a cohort of people like you say that they were "missold" the mortgage when they were incapable of meeting the more strict financial criteria. Especially likely if there is any significant reduction in house prices and/or continued unemployment issues.
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20-05-2020, 22:55   #227
jenno86
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Had BOI call me today about applying for a mortgage as I have a mortgage saver with them. Have the deposit ready but I’ve been terrible with consistent savings. I should be able to apply next month, which is 2 months earlier than I thought. Going to throw an application in next month and see what happens, better to me in the position to pull the trigger if something comes up.
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22-05-2020, 15:06   #228
Pivot Eoin
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Anyone have an idea on average how long it takes to get from Mortgage Application submitted to Underwriting to AIP ?
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22-05-2020, 15:32   #229
Ek2020
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Anyone have an idea on average how long it takes to get from Mortgage Application submitted to Underwriting to AIP ?
It took 2 weeks for us to get our approval after the application was sent off. That was pre-covid though.
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22-05-2020, 15:52   #230
guyfawkes5
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Anyone have an idea on average how long it takes to get from Mortgage Application submitted to Underwriting to AIP ?
I was told 'up to 7 working days' by BoI a few weeks ago.

In reality, they came back in five - however, this was renewing an expired AIP so maybe this is a quicker process.
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23-05-2020, 21:33   #231
BobCat123
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Do they request a breakdown of Revolut spending or is it not possible as they’re not officially a bank? Thanks in advance
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23-05-2020, 21:54   #232
Techn0
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Do they request a breakdown of Revolut spending or is it not possible as they’re not officially a bank? Thanks in advance
My broker looked for statements but I did have quite a bit of activity. Depends on the amounts I'd imagine.
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23-05-2020, 22:19   #233
DaraDali
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Do they request a breakdown of Revolut spending or is it not possible as they’re not officially a bank? Thanks in advance
Statements from revolut are easy to get from the app, mine requsted full 6 months statements from both me and my gf
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23-05-2020, 22:20   #234
Maz2016
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Do they request a breakdown of Revolut spending or is it not possible as they’re not officially a bank? Thanks in advance
I had a meeting with PTSB. I transfer about 150-200 per week into my revolut for day to day spending. Whatever is left at the end of the week I put in a vault. They didn’t even want to know about revolut
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23-05-2020, 23:01   #235
guyfawkes5
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Do they request a breakdown of Revolut spending or is it not possible as they’re not officially a bank? Thanks in advance
Bank of Ireland asked me for six months of statements from them, possibly because my current account is almost entirely transfers to Revolut as I use it for my day to day spending.

It's really easy to do with the app though, as it let's you specify a time range for e-statements and generates it for you on the fly.
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Yesterday, 22:56   #236
Rosstopher
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Looking for some help if anyone could be so kind.
Me and my partner are looking to buy a house in early 2021. We've only just started "serious" savings again having both just started back to work due to covid. Just have a couple of questions:

1. Is it true that applying for a mortgage in January is your most likely chance of getting an exception over 3.5?

2. Let's say with the above in mind, we did apply in January without the full deposit we've required saved up (even with HTB), can we still potentially apply and get approved? With the thinking that we'd have the full deposit by the time we'd be ready to go within a couple of months from then.

3. Is there any advice you could give in terms of maintaining the savings accounts? At the moment I have an account with SO going in each month and I'm throwing in random large lumps when I can. Is that advisable?

4. One last one. How badly would 2 -3 non-consecutive missed loan repayments look from my account over the past 12-24 months? Would it be a big red flag?

I'm asking a lot here, but would appreciate any help!
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Yesterday, 23:32   #237
Dylan94
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Looking for some help if anyone could be so kind.
Me and my partner are looking to buy a house in early 2021. We've only just started "serious" savings again having both just started back to work due to covid. Just have a couple of questions:

1. Is it true that applying for a mortgage in January is your most likely chance of getting an exception over 3.5?

2. Let's say with the above in mind, we did apply in January without the full deposit we've required saved up (even with HTB), can we still potentially apply and get approved? With the thinking that we'd have the full deposit by the time we'd be ready to go within a couple of months from then.

3. Is there any advice you could give in terms of maintaining the savings accounts? At the moment I have an account with SO going in each month and I'm throwing in random large lumps when I can. Is that advisable?

4. One last one. How badly would 2 -3 non-consecutive missed loan repayments look from my account over the past 12-24 months? Would it be a big red flag?

I'm asking a lot here, but would appreciate any help!
1. Yes it is generally easier to get an exception in January, but you would still need to be earning a decent wage. (I think its over €80,000 for a couple).

2. I was told that if we wanted to apply before we had full deposit to get a letter from a parent saying that they would gift the remainder. Then it doesnt matter as long as you have enough in the end.

3.My broker advised that I make the same payment amount at the same time each month to the saving account. Then you can throw in any extra lumps as you have them.

4. I would imagine that having 2 or 3 missed loan payments in the past 2 years would be a huge red flag and could prevent you getting a mortgage.
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Yesterday, 23:42   #238
Rosstopher
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1. Yes it is generally easier to get an exception in January, but you would still need to be earning a decent wage. (I think its over €80,000 for a couple).

2. I was told that if we wanted to apply before we had full deposit to get a letter from a parent saying that they would gift the remainder. Then it doesnt matter as long as you have enough in the end.

3.My broker advised that I make the same payment amount at the same time each month to the saving account. Then you can throw in any extra lumps as you have them.

4. I would imagine that having 2 or 3 missed loan payments in the past 2 years would be a huge red flag and could prevent you getting a mortgage.
Thanks. I've set up a standing order for the same amount so should be ok there, and we're right around that combined income with hopefully an increase on the way so fingers crossed.

Yeah, the missed payments are a concern. They can be explained (if they listen to these things) and I'm also after requesting an ICB report as I believe they were cleared very shortly after being missed so I have deluded hope that they're not on there. I'd also hope the fact that I've been a serial exorbitant rent payer for years will stand to me regardless. If not then I may need to hold tight for another year or 2.
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Yesterday, 23:46   #239
Water2626262
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Originally Posted by Rosstopher View Post
Thanks. I've set up a standing order for the same amount so should be ok there, and we're right around that combined income with hopefully an increase on the way so fingers crossed.

Yeah, the missed payments are a concern. They can be explained (if they listen to these things) and I'm also after requesting an ICB report as I believe they were cleared very shortly after being missed so I have deluded hope that they're not on there. I'd also hope the fact that I've been a serial exorbitant rent payer for years will stand to me regardless. If not then I may need to hold tight for another year or 2.

If you missed the DD by a few days they might not show but if you had 2-3 payments consecutively in arrears that won’t look good unfortunately. Get your CCR report anyway. Sometimes lenders never capture the repayment history correctly.
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Yesterday, 23:52   #240
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Has anyone recently been approved but shown some mild overdraft activity in the past few months. Most my income goes to rent and savings but I’ve had my current account dip for maybe a day or two into my overdraft. No more than 100 quid in the red and happened maybe 3 of the last 6 months.

I’m currently paying more than twice the mortgage repayment in terms of rent and savings each month.

Banks love making money off overdrafts but also penalise borrowers for using them. Never makes sense to me.
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